Tim Cook on an Apple currency: Not comfortable with the idea at allhttps://indianexpress.com/article/technology/tech-news-technology/tim-cook-on-an-apple-currency-not-comfortable-with-the-idea-at-all-6057219/

Tim Cook on an Apple currency: Not comfortable with the idea at all

Apple CEO Tim Cook has strongly said no to any plans for creating a currency from the company, adding that he was not comfortable with the idea of a private group creating a competing currency.

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Apple CEO Tim Cook has said that he does not support the idea of a private company creating a competing currency. (Image source: Bloomberg)

Apple CEO Tim Cook has strongly said no to any plans for creating a currency from the company, adding that he was not comfortable with the idea of a private group creating a competing currency. Tim Cook made the remarks in an interview to the French publication Les Echos.

In the interview, Cook was asked if Apple intended to create its own currency. In response, Cook said, “No. I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group creates a competing currency.”

The Apple CEO added that he does not believe that “a private company” has “to seek to gain power in this way.” Cook further said that in view, money and defense must remains in the hands of the state.
“We elect our representatives to assume government responsibilities. Companies are not elected, they do not have to go on this ground,” he further said.

Cook’s comments are being seen as a dig on Facebook and its plans for cryptocurrency called Libra, which is already facing scrutiny from regulators across the world. Facebook has said that Libra will be in partnership with other players like Uber, Visa, Lyft, Mastercard to name a few. In total, Facebook has 27 other partners, though PayPal, which was announced as one of the partners at the time of announcement has pulled out.

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According to The Verge, PayPal has decided to forgo further association with Libra. A statement by the company said that, “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future.Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”

Regarding Libra, the technology has been built by Facebook’s team, though the company has insisted it will not have majority control over the decisions. Libra will also will also be backed by a reserve of assets designed to give ‘value’ and stability, is what Facebook had revealed at the time of the Libra announcement.

This is not the first time that Cook has been critical of Facebook. Previously Cook had said that unlike some social media companies, Apple does not monetise its customers. His remarks were made at a time where Facebook’s Cambridge Analytica scandal came to light.

At the time, Tim Cook has said in an interview to MSNBC that he would not be in the same situation as Zuckerberg, when asked about the Cambridge Analytica scandal.“We could make a ton of money if we monetised our customers, if our customers were our product…We’re not going to traffic in your personal life. Privacy to us is a human right, a civil liberty,” he had said.

Later, NYT revealed in an article that this sparked Facebook CEO Mark Zuckerberg had ordered his management to give up iPhones for Android in retaliation for these comments, though Facebook had denied this was the reason.